Get­ting the per­fect plot

From fo­cus­ing on mi­cro mar­kets to map­ping lo­ca­tions, realty firms are tak­ing on de­tailed re­search to de­cide if they should build a tower or a town­ship

Hindustan Times (Chandigarh) - Estates - - NEWS - Lav­ina Mulchan­dani lav­ina.mulchan­ n

How big should the flats be? Shops or of­fice spa­ces? How much room for each? It takes months of plan­ning and de­tailed mar­ket re­search to de­cide what kind of project should come up on a plot.

“A lot of thought goes into ev­ery­thing from the shape soft he flats in a tower to the num­ber of of­fice son each floor, and much of the de­ci­sions are de­ter­mined by lo­cal de­mo­graph­ics,” says A Shankar, COO for strate­gic con­sult­ing at realty ad­vi­sory JLL In­dia .“Some­times, mar­ket anal­y­sis and con­sul­ta­tions with realty ad­vi­sors are fol­lowed by a sur­vey of po­ten­tial tar­get cus­tomers.”

Once a lo­ca­tion has been iden­ti­fied, it’s all about meet­ing un­met needs of the mi­cro mar­ket.

“A plot we ac­quired in Maz­gaon, for in­stance, will fea­ture an in­te­grated devel­op­ment project with both trad­ing spa­ces and homes ,” says Rahul Shah, CEO of Sumer Group. “We de­cided that be­cause the plot is close to Craw­ford mar­ket and Must a fa Bazaar, mo­bile phone sell­ers from there can use our well-built spa­ces to dis­play their prod­ucts, and get good park­ing spa­ces. Along with 1,800 shops, the 10-acre plot will have four res­i­den­tial tow­ers with one, two, three and four-bed­room flats,” he says.

In an up­com­ing project by Transcon De­vel­op­ers close to Ban­dra-Kurla Com­plex (BKC), there will be of­fice spa­ces with an area of 500 sq ft each. “Our tar­get cus­tomers are an­cil­lary com­pa­nies; they need and can af­ford only smaller spa­ces ,” says Ad it ya Ke­dia, man­ag­ing di­rec­tor of Transcon.

“The prox­im­ity to BKC will also help them ex­pand their busi­ness. Imag­ine get­ting an of­fice space for Rs 2.5 crore right out- side BKC where prop­erty prices are ex­cep­tion­ally high.”

Once con­fig­u­ra­tion is de­cided, de­vel­op­ers choose ameni­ties. “We call it the Hap­pi­ness Quo­tient fac­tor, and this can de­ter­mine the sus­tain­abil­ity of a project,” says Shankar.

“The idea is to find a way to make the best use of space avail a-

›A lot of thought goes into ev­ery­thing, from the shapes of the flats in a tower to the num­ber of of­fices on each floor, and most of the de­ci­sions are de­ter­mined by lo­cal de­mo­graph­ics. A SHANKAR, COO for strate­gic con­sult­ing at realty ad­vi­sory JLL In­dia

blew hi le of­fer­ing enough for sale and re­sale.”

Be­cause main­te­nance of land­scaped gar­dens and sports clubs can be­come com­pli­cated and bur­den some for mid­dle-class res­i­dents, the trend is to­wards self­sus­tained ameni­ties such as jog­ging tracks and play ar­eas.

The Lod­ha­gro up is de­vel­op­ing an in­te­grated town­ship, called Palava City, spread over 4,500 acres near Do mb iv li, and here the ameni­ties are a big part of the pitch. “For projects like th­ese, a school, med­i­cal cen­tre and shop­ping cen­tre are ex­pected to be part of it, be­cause they are mas­sive and far from city’s cen­tre,” says Mud ass irZai di, an ex­ec­u­tive di­rec­tor at real-es­tate ad­vi­sory Knight Frank In­dia.

“Th­ese ameni­ties aim to cre­ate a cul­ture, a sense of com­mu­nity among the peo­ple liv­ing here.”

Real-es­tate de­vel­oper Ajmera Realty’s up­com­ing project in Bengaluru, mean­while, is a sin­gle build­ing with a rooftop swim­ming pool.

“Since we had a small plot, we could only plan one tower,” says Dhaval Ajmera, di­rec­tor of Ajmer­aRealty. “We­haveaswim­ming pool on the rooftop,” he adds.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.